Loan Repayment Calculator
Calculate your mortgage repayments
Loan details
$
%
Principal & Interest
Monthly repayment
$2,997.75
Fortnightly
$1,383.58
Weekly
$691.79
Total repayment$1,079,191
Total interest$579,191
Interest % of total53.7%
Interest Only
Monthly repayment
$2,500.00
Fortnightly
$1,153.85
Weekly
$576.92
Total repayment$900,000
Total interest$900,000
Interest % of total100.0%
How to use this calculator
When to use this
You want to know what your mortgage repayments will be — whether you're about to buy, or just exploring what different loan sizes would cost you each month.
Steps
- Enter your loan amount — this is the property price minus your deposit (e.g. $750k property with $150k deposit = $600k loan).
- Enter the interest rate — check your bank's current rate, or use the default to explore.
- Choose your loan term — 30 years is the most common in Australia.
- Select Principal & Interest or Interest Only to compare both side by side.
Understanding your results
- Principal & Interest (P&I) — each payment chips away at the loan balance plus interest. The loan gets smaller over time until it's fully paid off.
- Interest Only (IO) — you only pay the interest each month, so the loan balance stays the same. Monthly payments are lower, but you're not paying off the debt.
- Total interest — this is the extra money you pay the bank over the life of the loan, on top of the amount you borrowed.
Tips
- Switching to fortnightly payments saves thousands over the loan life — you end up making the equivalent of 13 monthly payments per year instead of 12.
- Interest-only loans are common for property investors in the first few years, but the loan doesn't shrink — you'll need to switch to P&I eventually.